Quote Investigator distinguishes Munger’s 2013 rat-poison comment from Buffett’s May 2018 extension. Its transcript assigns “Well, it’s probably rat poison squared” to Warren Buffett. The displayed wording supplies bitcoin as the subject rather than reproducing that answer verbatim.
“Bitcoin is probably rat poison squared” Warren Buffett, May 2018, as transcribed by Quote Investigator; popular bitcoin wording is slightly expanded. · Verbatim: “Well, it’s probably rat poison squared.”
⚠ The slide-ready mistake: crediting this to Charlie Munger. Use the credit shown above instead.
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Quote Investigator distinguishes Munger’s 2013 rat-poison comment from Buffett’s May 2018 extension. Its transcript assigns “Well, it’s probably rat poison squared” to Warren Buffett. The displayed wording supplies bitcoin as the subject rather than reproducing that answer verbatim. Quote Investigator chronology ↗
Background on Buffett, the speaker credited by the chronology. Buffett background ↗
The documented answer comes from a 2018 interview. Only a brief excerpt is reproduced; it is not treated as public domain.
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Fact-check
Often misattributed
Munger supplied the earlier metaphor; Buffett supplied the squared extension.
✕
Popular creditCharlie Munger
Quote Investigator distinguishes Munger’s 2013 rat-poison comment from Buffett’s May 2018 extension. Its transcript assigns “Well, it’s probably rat poison squared” to Warren Buffett. The displayed wording supplies bitcoin as the subject rather than reproducing that answer verbatim. Quote Investigator chronology ↗
The 2018 reply followed a question recalling Munger’s earlier criticism of bitcoin. Buffett intensified the metaphor with squared, which is why the two investors’ remarks should be kept separate. This chronology documents what they said, without evaluating the investment claim. Quote Investigator chronology ↗
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Warren Buffett is an American investor closely associated with Berkshire Hathaway. His shareholder letters explain business purchases and investing decisions in accessible language. He repeatedly acknowledged Charlie Munger’s influence on his preference for strong businesses over merely cheap ones.
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Warren Buffett. Interview about bitcoin, May 2018. Source and limits described above.
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Quotle.info. “Who really said ‘Bitcoin is probably rat poison squared’?” Last verified 9 Nov 2026. https://quotle.info/who-said/bitcoin-is-probably-rat-poison-squared/